Standard Chartered Bank and the Government of Uganda have signed a €110.5 million (about Shs480.9 billion) financing agreement to upgrade the Kitgum–Kidepo road, a key corridor expected to boost trade and tourism in Northern Uganda.
The agreement, signed on June 30 at the Ministry of Finance, Planning and Economic Development, will facilitate the upgrading of a 115.8-kilometre road linking the Acholi and Karamoja sub-regions, with onward connectivity to South Sudan.
Officials said the project will strengthen regional integration, ease the movement of goods and services, and unlock tourism potential along the Murchison Falls–Kidepo circuit.
The signing ceremony was attended by senior government officials, development partners, contractors, diplomats and members of the media.
Under the arrangement, Standard Chartered will provide financing to support construction works aimed at improving transport infrastructure, reducing travel time and enhancing road safety.
The Kitgum–Kidepo project builds on a previous financing package signed in January 2025, where the bank supported key infrastructure projects, including the Karuma–Tororo transmission line, Ntinda substation, water and sanitation works in strategic towns, and critical road upgrades in western Uganda.
Over the years, Standard Chartered has financed several flagship projects, including solar-powered irrigation schemes in Karamoja, the Kampala Industrial Business Park in Namanve, and Kabaale International Airport in Hoima.
Finance Minister Henry Musasizi said the agreement goes beyond road construction.
“Today’s signing is not simply about financing a road. It is about investing in Uganda’s future connecting farmers to markets, industries to raw materials, tourists to destinations and businesses to opportunity,” Musasizi said.
Works and Transport Minister Fred Byamukama said the project will improve mobility and spur economic activity in Northern Uganda.
“This road will enhance the movement of people, goods and services, reduce travel time and costs, and open up the region to greater commercial activity,” Byamukama noted.
Standard Chartered Uganda CEO Sanjay Rughani said the deal reflects the bank’s continued support to government priorities.
“The Kitgum–Kidepo Road is a strategic investment. We remain committed to mobilising capital and delivering innovative financing solutions that support Uganda’s development agenda,” he said.
Board Chairperson Maria Kiwanuka said the project highlights the impact of strong public-private partnerships.
“This transaction demonstrates how long-term partnerships can deliver infrastructure that transforms livelihoods and strengthens national competitiveness,” she said.
The road upgrade is expected to significantly improve access to markets, boost tourism traffic and drive socio-economic transformation across Northern Uganda.
